Rivian Automotive Inc. is expected to price its initial public offering (IPO) later today, November 9, 2021. Morgan Stanley, Goldman Sachs, and J.P. Morgan currently stand as Rivian’s underwriters for the company’s debut. And based on filings with the Securities and Exchange Commission (SEC), Rivian is looking to enter the public markets in a big way — and it is setting its ambitions very high.
Target Valuation
Rivian has disclosed that it is targeting a valuation above $65 billion in its IPO, with shares priced between $72 and $74. Such a valuation is ambitious, as it would make Rivian’s market cap just a bit lower than veterans such as General Motors ($84.82 billion) and Ford Motor Company ($79.65 billion), the latter being a key investor in the truck maker. Similar to fellow electric vehicle maker Tesla, which currently reached a market cap above of over $1 trillion, Rivian’s valuation target is founded on the idea that the company may see a meteoric rise in the coming years.
If Rivian’s shares end up selling at the top of their marketed range, the company could make history as the seventh-biggest US IPO on record, according to Bloomberg. It would also overtake longtime players in the auto segment, such as Japanese carmakers Honda Motor Co., which has a market cap of $53 billion, and French automaker Renault SA, which is valued at a conservative $11 billion.
The Finances So Far
Rivian’s S-1 filing with the SEC has provided a glimpse of the company’s finances so far. Just as expected, and similar to fellow electric vehicle makers that are just starting out, Rivian is currently burning cash, with heavy investments in R&D and high operating costs. This is likely due to the fact that the company is still learning the ropes when it comes to mass-producing its three vehicle offerings, one of which has an order for 100,000 units from Amazon, the world’s premier e-commerce site.
Rivian currently employs over 8,000 people across multiple facilities in Arizona, California, Michigan, Illinois, Vancouver, Canada, and the UK. And as the company approached the production of the R1T pickup truck and R1S SUV, its losses grew. Rivian posted a net loss of $994 million from January to June 2021, more than double the $377 million net loss it posted for the first half of 2020. Rivian’s R&D expenses are also on the rise, with the company spending $683 million in Q1 and Q2 2021. In comparison, its R&D cost for 2020 stood at $766 million. Despite this, Rivian still has about $3.6 billion in cash on its balance sheet.
What Analysts are Saying
Rivian is quite unique among EV startups today because its already has a sure customer in Amazon, which has ordered 100,000 units of an all-electric delivery van. That being said, New Street Research analyst Pierre Ferragu stated in a note on Monday that Rivian may end up facing a “natural ceiling” of 300,000 to 400,000 units per year, partly due to the price range of its consumer vehicles, the R1T pickup truck and the R1S SUV. The R1T currently starts at $67,500 for its base model, while the R1S starts at $70,000.
“Above $70,000, the global addressable market for Rivian’s SUV and pickup is less than 1.5 million units, and it will be a crowded space,” Ferragu wrote.
Ivan Drury, a senior analyst at Edmunds, highlighted that Rivian may face an uphill climb when ramping its first vehicles, especially considering that the chip crisis is still ongoing. “It’s difficult enough for established automakers, let alone a new one. Couple that with this new issue the entire industry is dealing with, the chip crisis, that just adds another layer of complexity,” Drury noted.
Rivian’s Production Plans
Recent reports have noted that Rivian is currently focusing its resources on delivering the first batch of its Amazon delivery vans. This makes sense considering the volume of orders it has received from the e-commerce giant, but this strategy could also result in the R1T and R1S being ramped at a more deliberate pace. So far, Rivian has noted that it has received just over 55,000 pre-orders for the R1T and R1S. And since starting deliveries of the R1T, the company has only delivered 156 units of the all-electric pickup truck, “nearly all” of them to Rivian employees.
Rivian’s SEC filing has provided a bit more detail about the R1T and R1S’ rather deliberate ramp. According to the document, the company expects to fill its pre-order backlog of approximately 55,400 R1 vehicles by the end of 2023. Previous reports also note that Rivian is expected to deliver the first 10,000 units of its Amazon delivery vans by the end of 2022, with the entire 100,000-unit order being completed by the end of the decade.
Legal Challenges to Date
Similar to other automakers, Rivian is also involved in some legal challenges. Among the more notable ones involve fellow EV maker Tesla, which has filed a suit against Rivian last year over the alleged theft of intellectual property related to recruitment, bonus and compensation plans for sales personnel, and manufacturing project management systems. A later lawsuit from Tesla also alleged that the truck maker was acquiring core technology related to its upcoming 4680 cells, which was deemed by the Silicon Valley-based company as the “most essential element for any electric vehicle.”
More recently, Laura Schwab, who was the first female President in luxury automaker Aston Martin’s history, also filed a suit against Rivian over alleged gender discrimination. Schwab served as Rivian’s Vice President of Sales and Marketing during her tenure with the company. But according to the former Rivian executive, she was routinely excluded from meetings despite her experience in the auto industry, and her warnings about the R1T and R1S’ pricing and public targets were largely ignored. Finally, Schwab noted that she was terminated by Rivian just before it went public, which effectively made her lose “millions of dollars in unvested equity on the eve of the company’s IPO.”
Conclusion
With electric vehicle maker Tesla joining the trillion-dollar club, numerous investors are now looking towards the “next Tesla.” And while not all EV startups have succeeded — hydrogen truck company Nikola is a good cautionary tale — companies like Rivian and Lucid Motors do seem to have the makings of a legitimate, and potentially profitable long-term business. This was something highlighted by Pitchbook senior mobility analyst Asad Hussain, who noted that “Rivian’s premium market valuation reflects its ownership of the entire value chain and freedom to innovate without dealing with stranded assets. Between Rivian and Lucid, the market finally has credible candidates for ‘the next Tesla.”
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Florida man charged after trying to hit Tesla protestors with car
Tesla protestors were nearly struck with the man’s car, though authorities say no one was injured.
A man in Florida has been charged with assault after attempting to drive into protestors outside of a Tesla store over the weekend, coming as the latest in ongoing protests and vandalism against CEO Elon Musk.
On Saturday, 44-year-old Andrew Tutil attempted to drive into protestors with his Nissan Pathfinder at the West Palm Beach Tesla store, although no one was injured, according to a report from Palm Beach Daily News. The store had around 150 protestors outside around 1:00 p.m., and Tutil reportedly drove slowly into the crowd before parking on the sidewalk and getting out.
“He drove into a crowd of senior citizens,” said Mark Offerman. “Everybody was able to move out, but two older women were really almost clipped. We immediately called the cops.”
After parking on the sidewalk where protestors had to jump out of the way, Tutil, a retired U.S. Army Captain, civil engineer, and supporter of Donald Trump, claimed that he was an employee of the Tesla store and that his brakes and electronics had malfunctioned, according to Offerman.
Palm Beach County records show that Tutil was later arrested and charged with first-degree felony aggravated assault with a deadly weapon without intent after police questioned Tutil and surrounding witnesses and reviewed photos and video footage.
The news comes as a wave of protests, acts of vandalism, and some violent encounters such as this one have been increasingly targeting Tesla stores in recent weeks against Musk and the Trump administration. Additionally, Musk’s work with Trump’s newly created “government efficiency” division has been a central theme in protests at Tesla stores, as federal workers have expressed criticism for the administration’s approach to “eliminating fraud and waste.”
🚨 President Trump on Tesla protests and vandalism:
— TESLARATI (@Teslarati) March 11, 2025
READ MORE ON TESLA PROTESTS: I went to an anti-Musk protest at a Tesla store in Colorado—here’s what I experienced
The widespread protests began in January, after Musk performed what many said looked like a Nazi salute at Trump’s inauguration ceremony, and after he spoke at a campaign event for the far-right German party Alternative for Germany (AfD). During the rally, Musk said that there was “too much of a focus on past guilt and we need to move beyond that,” which many claimed was in reference to Nazi Germany.
The so-called “Tesla Takedown” movement launched over the past several weeks is targeting around 500 separate protests across 277 stores around the U.S. The Palm Beach protest on Saturday was just one of a handful in Florida alone, including those in Gainesville, Jacksonville, Merrit Island, and Sarasota, to name a few.
One protestor at a Tesla store in Colorado earlier this month told Teslarati that she was protesting Musk because she was “highly concerned that our Constitution is being ignored,” adding that “it’s dangerous to have power rest in a handful of ultra-wealthy people.”
Others at the event highlighted Musk and Trump’s attacks on queer, trans, and non-binary people, as well as the administration’s recent controversies with Ukraine President Volodymyr Zelenskyy, and claims that the President is aligning with Russia President Vladimir Putin, as a few of the major reasons they were protesting at the Loveland Tesla store.
Musk has mostly deflected and made light of claims of his alignment with Nazis, while the public has been polarized on defending or condemning these and other actions.
The Tesla CEO was defended by Israel Prime Minister Benjamin Netanyahu, who said he was being “falsely smeared” immediately following the inauguration event. While the Anti-Defamation League (ADL) also went on to defend the action as an “awkward gesture,” the group has since condemned some of Musk’s more recent posts making light of genocide.
Earlier this month, Musk reposted then deleted a screenshot shared by X user Rothmus claiming that “Stalin, Mao and Hitler didn’t murder millions of people,” but that “their public sector workers did.”
“It is deeply disturbing and irresponsible for someone with a large public platform to elevate the kind of rhetoric that serves to undermine the seriousness of these issues,” the ADL wrote in a response on X.
Credit: Rothmus/Alice Smith (via Elon Musk repost on X)
In addition to what have largely appeared to be peaceful protests at Tesla stores, a number of acts of vandalism, including graffiti, arson, and some even more violent assaults involving weapons, have been targeting the automaker’s locations around the world.
Multiple people were taken into custody following repeated arson and graffiti at a Tesla store in Colorado within the past few weeks, while multiple Tesla vehicles have been set on fire at stores, and one Tesla store has been shot at. Owners of Tesla’s vehicles have also been targeted in public, with some being captured on Sentry Mode keying or tagging the vehicles.
The Trump administration has also started labeling such attacks against Tesla as “domestic terrorism,” and the Federal Bureau of Investigation (FBI) has started investigating several of the events, including one involving two Cybertrucks that were set on fire in Seattle and another at a store in Oregon that was shot at twice in a few weeks.
Tesla’s Giga Berlin director responds to anti-Musk criticism
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Tesla Megapack project in NSW reaches $260M financial close
The latest Tesla Megapack project to be announced in Australia, with a $260 million financial backing.
Partners involved in yet another Tesla Megapack project in Australia have reached a financial close, as the upcoming site also begins construction.
On Monday, renewables provider Equis Australia announced closing on the $260 million deal for 138 two-hour Megapack units in Tamworth, New South Wales (NSW), set to back a 250MW/500MWh battery energy storage system (BESS). Dubbed the “Calala” BESS, Equis says the project will store enough power to supply electricity for as many as 115,000 homes during peak usage.
The Calala project is expected to become fully operational by 2027, and it will be constructed in two independent project phases, bringing 100MW and an additional 150MW online in sequence. Located about 5.8 kilometers (~3.6 miles) to the southeast of the Tamworth town centre, the Calala battery will be connected to the NSW grid using an underground cable leading to Tamworth’s 330kV Substation.
172 Megapacks and over a million solar panels 🤯 https://t.co/c5Ym3joxYw
— TESLARATI (@Teslarati) March 17, 2025
READ MORE ON TESLA MEGAPACKS: Tesla and Arevon team up on 172-Megapack solar plus project
The BESS is also expected to create around 170 new roles during construction, and as many as seven ongoing positions upon launching operations. The first 100MW portion of the Calala project will be devoted to supplying a partnership with provider Smartest Energy, while Tesla’s Autobidder real-time trading and control platform will be used to manage and oversee energy transactions to make the 150MW project a merchant BESS.
The financial deal includes the sale of $260 million in non-recourse debt financing package from lenders Westpac, Societe Generale, and the Sumitomo Mitsui Banking Corporation. The agreement will also include a Voluntary Planning Agreement (VPA) for the Calala project to contribute a total of $2 million to the Tamworth Regional Council over time.
Equis Australia also has several other BESS projects, primarily located near its headquarters in Melbourne, along with those scattered around the Sydney and Brisbane areas. The company’s Australia branch says it has 16 BESS projects in its portfolio, along with 11 onshore wind projects, together which total 9.6GW of renewable energy capacity.
The renewable provider is also nearing completion of a massive 600MW/1,600MWh BESS outside of Melbourne sporting 444 Tesla Megapack units, which is expected to become operational later this year.
Currently, Tesla produces most of its Megapacks in Lathrop, California, though the company recently shipped its first units from a new Megafactory in Shanghai, China to Australia. The manufacturer has also begun building a third Megafactory in Waller County, Texas, just a couple of hours east of Tesla’s Gigafactory Texas.
Tesla Model Y inventory is apparently moving pretty quickly as the legacy version of the best-selling car in the world is now sold out in many U.S. states.
With the introduction of the new Tesla Model Y, the legacy version of the vehicle is now no longer being produced. The units that are available are the final ones that Tesla will produce as it is sunsetting the old look of the all-electric crossover.
As production has stopped on this specific version of the Model Y, Tesla is offering some great deals on the vehicle…that is, if it is still available for delivery in your area.
Since the new Model Y has started production and deliveries, 29 U.S. states have now sold out of the old vehicle’s look:
NEWS: New Tesla Model Y inventory is now completely sold out in Texas, Michigan, Ohio, Illinois, Georgia, Utah, Virginia, Alabama, South Carolina, North Carolina, Tennessee, Mississippi, Arkansas, Kansas, Missouri, Kentucky, Oklahoma, Indianapolis, Iowa, Nebraska, Hawaii,… pic.twitter.com/hTZgDexgmE
— Sawyer Merritt (@SawyerMerritt) March 23, 2025
Tesla is offering over $5,000 off of some of these Model Ys in an effort to move inventory and make room for the new Model Y at its showrooms across the country.
For what it is worth, the legacy Model Y is still a fantastic vehicle, and picking it up through inventory is still a great idea, considering it holds a lot of great tech and is now being offered at a great price.
In the United States, Tesla is still only offering the new Launch Series version of the Model Y, which comes with the company’s Full Self-Driving suite, some exclusive badging, and premium interior, among other things.
Until those lower-cost trims arrive, sales figures for the new Model Y will be restricted to the Launch Series trim. We likely won’t see a launch of Rear-Wheel-Drive or All-Wheel-Drive configurations of the new Model Y until the inventory of the previous version starts to dwindle down a tad more.
Launching those trims now would cannibalize the legacy Model Y vehicles, as most consumers would rather have the new vehicle with the upgrades than the older version — even if it means a substantially lower price.
Florida man charged after trying to hit Tesla protestors with car
Tesla Megapack project in NSW reaches $260M financial close
Tesla Model Y inventory is going fast, selling out in many U.S. states
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